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Updated over 4 years ago,
MY INVESTOR CRUSHED THIS NEW BUILD! Wholesale success stories.
Investment Info:
Single-family residence fix & flip investment in Philadelphia.
Purchase price: $100,000
Cash invested: $200,000
Sale price: $440,000
FIRST NEW CONSTRUCTION GONE RIGHT FOR MY INVESTOR!!! This file was hairy. There were multiple estates, the encroachment of the neighbor's gas meter on our property, and took some time to get to closing, BUT TIME WELL SPENT! This property was sold before it was even done the renovation and he crushed it. It is right around the corner from OCF's new development on the former chocolate factory in graduate hospital. The roof deck has an unhindered view of the Philly Skyline.
What made you interested in investing in this type of deal?
My investor has been running a highly successful plumbing business in the Philadelphia are afor years. He developed the contacts and the wherewithall to handle other subs and the permitting process. This particular area is booming with new construction.
How did you find this deal and how did you negotiate it?
Marketing, marketing, marketing. This came from a targeted list that focused on vacant land in south Philly. The property came from a daughter looking to sell her inherited property.
How did you finance this deal?
My investor funded this deal cash!
How did you add value to the deal?
As a wholesaler, I worked my tail off getting all of the docs needed to clear multiple estates. Like most estate deals, they take a long time.
What was the outcome?
Success! I made a decent fee worth the estate headaches and my investor was able to turn this property around for 440k before it even hit the market.
Lessons learned? Challenges?
Estates are tough. You need a good estate attorney involved and you need to be a squeaky wheel to the register of wills.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My partner, Jesse Sobel, who is not on bigger pockets was crucial in the acquisition and clearing title of this property.
